Lake City Report -
Mar 25, 2011
Working hard on the
farmer's market
Columbia
County, FL (Posted Mar 25, 2011 09:30 pm )
by City Manager Wendell Johnson and
staff
From City Manager Wendell Johnson
Lake City CDC Approved for Community
Contribution Tax Credit Program
In November 2010, the City Council passed a
resolution in support of the Greater Lake City
Community Development Corporations’ request to
participate in the Florida Community
Contribution Tax Credit Program.
There was good news this week when the Mayor
and City Council were advised by the CDC that
the Governor’s Office of Tourism, Trade and
Economic Development (OTTED) has approved
participation as requested.
Approval of the CDC’s project, number
CC-1201-B, allows businesses that make
contributions to the CDC to apply for a tax
credit of up to 50% of the value of their
contribution against their Florida Corporate
Income Tax Account or against their Sales and
Use Tax account if registered with the Florida
Department of Revenue. This approval allows
insurers who make contributions to the CDC to
apply for a tax credit of up to 50 percent of
the contribution value against their Florida
Insurance Premium Tax.
The Greater Lake City CDC’s mission is to
revitalize and strengthen the City’s CRA
district by providing assistance to very low,
low and moderate income families and to assist
individuals in becoming creditworthy to qualify
for home ownership.
Beginning in July 2011, $14 million in OTTED
Florida Tax Credit Program revenue will be
available and the Greater Lake City CDC is now
eligible to draw from this valuable funding
resource.
Lake City Community Redevelopment Plans
Lake City's Community Redevelopment Area
(CRA) initiative has been on going since June
2010. The primary objective of updating the
City’s CRA redevelopment plan is to update the
1989 plan.
The City and its Planning Consultant, IBI
Group, Inc., have aggressively publicized and
scheduled public meetings in compliance with the
Florida statutes. In addition, formal
invitations were sent to public officials and
community leaders inviting them to share and
contribute to the the City’s CRA plan. These
meetings formed the foundation leading up to the
Council’s most recent activity on March 21,
2011, when the City Council held a public
hearing for the first reading of an ordinance to
amend the existing CRA boundaries.
The second and final reading of the ordinance
is scheduled for April 4, 2011.
The proposed expanded area will be
incorporated into the Master Plan process after
the ordinance is approved.
Mayor Witt and the City Council have insured
the public and all interested parties have had a
chance to participate in the creation of the
Master Plan and the City anticipates plan
completion sometime in May/June.
The City Staff Report is available in pdf format
here.
